Car leasing price comparison site Moneyshake has secured a seven-figure investment – from the former managing director of a Fortune 500-listed motor group.
The North Staffordshire start-up was launched in 2019 with £500,000 of seed capital from institutional and private investors.
Now the 10-strong business, which is based in Keele, has received ‘significant’ equity investment from automotive veteran Darren Guiver.
The investment will be used to help fuel further growth, create new jobs and roll out the next phase of Moneyshake’s price comparison technology.
Darren Guiver was the managing director of Fortune 500-listed motor-giant Group 1 Automotive UK until last year.
He has spent more than 35 years in the motor industry having built up and sold his own network of dealerships.
As part of the investment, he will also play an active roll in guiding the existing Moneyshake management team to deliver on its business plan.
Darren said: “Moneyshake is exactly the kind of fast-growth, technology-led business that I was looking for.
“As the motor industry faces unprecedented challenges, Moneyshake’s technology is poised to revolutionise the way new cars are bought and sold.
“Price comparison has been static for many years, and our enhancements will create a new engaging way for customers to buy and the motor trade to sell – ensuring the best deal for everybody.
“Beyond car finance, I’m excited to see which other industries the technology can ‘shake up’.”
In the first 12 months of being live, Moneyshake has delivered more than £5 million of written vehicle contracts.
It has also formed key commercial partnerships with MoneySuperMarket and Clearscore, running their car leasing channels.
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Eben Lovatt, CEO of Moneyshake, said: “Darren is the perfect investor to join our team. Not only does this investment make a major positive impact on our business but his wealth of knowledge, motor industry contacts and commercial acumen is exactly what we need during our next stage of growth.
“Darren’s active involvement in the business enables us to fast-track our business plan, providing access to key relationships that will help us to add more finance methods to our already market-leading leasing presence.
“Car buying is fast becoming a wholly digital process. People want to know that they’re getting the best deal for their car, so there’s a greater demand for online platforms that allow buyers to connect with a variety of trusted dealers and brokers.
“Our innovative UX, coupled with the launch of the next stage of price comparison technology, will provide our customers with a truly unique car buying experience.”
David Kendrick, partner at UHY Hacker Young in Manchester provided corporate finance advice to Moneyshake.
David said: “The Moneyshake team and technology is something I haven’t seen before and feel that they are primed to make a real difference in the automotive space but also other markets longer term.
“Darren’s involvement will certainly accelerate the business considerably and it will be a very exciting journey ahead.”